US fast food chain McDonald's has reached an out of court settlement with estranged joint venture partner Vikram Bakshi.

Following this settlement, McDonald’s India Private Limited (MIPL) has now acquired a stake held by Vikram Bakshi in Connaught Plaza Restaurants Private Ltd (CPRL). McDonald’s Global Markets has acquired 50 percent voting equity shares in CPRL held by Vikram Bakshi.

On May 6, McDonald's and Bakshi had informed a two-member National Company Law Appellate Tribunal (NCLAT) bench, headed by chairperson S J Mukhopadhyay, that they are working towards an out of court settlement to end this long dispute.

Further, Robert Hunghanfoo has been appointed as the head of CPRL effective immediately. "Accomplishing a mutually agreed settlement in this matter means that our customers can now look forward to a reinvigorated, consistent and uniquely McDonald’s experience when they visit us," said Hunghanfoo, head of CPRL.

"In addition, our employees can feel confident about their future with the business and excited about their opportunities to grow with the brand, and our suppliers can rely on a consistent and stable business environment that will afford room for innovation and modernization as time goes on," he added.

McDonald’s will continue to actively progress finding the right Developmental Licensee (DL) for the region. As this process continues and until the company has secured the right DL partner for the business, CPRL will remain owned by MIPL and its affiliate.